Animoca Brands suspended its reverse merger talks with Currenc but said it remains committed to pursuing a listing on a major exchange.

Animoca Brands has suspended plans to take the company public through a reverse merger with Nasdaq-listed Currenc Group.

Both parties mutually agreed on the decision after reviewing market conditions and the deal’s projected closing timelines, Animoca announced Tuesday.

Under the proposed transaction, Currenc would have acquired Animoca, with Animoca shareholders owning 95% of the combined Nasdaq-listed company.

Animoca said the companies may resume discussions if conditions permit.

“As we advance the comprehensive audit processes required to meet the rigorous compliance standards of a major public exchange, we will continue to pursue optimal routes to a public listing,” said Yat Siu, executive chairman of Animoca Brands.

Animoca Brands is a Hong Kong-headquartered investment and gaming company whose portfolio includes The Sandbox, Moca Network and Open Campus. It was previously listed on the Australian Securities Exchange but was removed from the exchange in March 2020.

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